The Cleveland Factoring Company that Grows Your Medical Business

If you own a medical or healthcare company in Ohio and have slow paying customers that are negatively impacting your cash flow, you need a funding solution. It can be frustrating if you’re trying to pay your employees or cover other expenses but you’re waiting for your customer to pay you in 30 to 6o days.

Invoice factoring, also known as accounts receivable factoring, is a flexible financing option for your business that can close the gap between slow paying customers. Unlike a traditional bank loan, factoring is easy to qualify for because it depends on the creditworthiness of your customers, not you personally. PRN Funding, a factoring company in Cleveland, can get you the funding so you can continue growing your medical business.

How Does Factoring Work?

Working with a Cleveland-based factoring company, like PRN Funding, is a beneficial and simple financing option for your medical business. Accounts receivable factoring provides cash to your business immediately. The process goes as follows:

1. Step One: You will serve your customers like usual, depending on what type of medical healthcare company you own.
2. Step Two: Submit your invoices to PRN Funding that you wish to factor.
3. Step Three: PRN will verify the invoice and notify your customer to send their payment to them.
4. Step Four: You will be advanced a portion of the invoice, typically between 80-90 percent, and the rest will be held in the reserve.
5. Step Five: Your customers will pay PRN Funding (the factoring company) and the rest of the reserve will be released, minus a small fee for the factoring services provided.